THE HISTORY AND OPERATION OF THE EXCHANGE PROGRAM SINCE IT BEGAN IN 1946 ARE OUTLINED. THE PROGRAM HAS HAD SIGNIFICANT ACCOMPLISHMENTS IN THE AREAS OF INTERNATIONAL RELATIONS, EDUCATION, AND PUBLIC-PRIVATE COOPERATION. THERE IS INFORMATION ON WHO QUALIFIES FOR GRANTS, WHO SUPPORTS THE PROGRAM, WHAT GRANTEES TEACH AND STUDY, AMERICAN STUDIES ABROAD, THE PROGRAM AND THE ARTS, VISITING LECTURERS, "TEACHER DEVELOPMENT" FOR FOREIGN TEACHERS, AND SUMMER SEMINARS OVERSEAS. THERE ARE LISTS OF COUNTRIES WITH EDUCATIONAL EXCHANGE AGREEMENTS WITH THE U.S. AND CAPSULE IDENTIFICATIONS OF DISTINGUISHED ALUMNI. PROGRAM COSTS AND MEMBERS OF THE BOARD OF FOREIGN SCHOLARSHIPS FROM 1946-66 ARE GIVEN. (AF)